Once again last week’s market review was spot on in that the upward retracement has continued.
The big question is whether it is indeed a retracement against a broader bearish headwind, or whether it’s the start of a new bullish cycle.
As I mentioned last week, the OVI Dashboard is a goldmine of valuable information, as is the way you can use our Market Timers.
With just five weeks to go until the WiseTraders Summit on 3rd December, our tech upgrade is going into overdrive. You’ll see the most profound upgrades between now and the first quarter of 2023, and these will cover both stocks and options applications, integrating them fully within our new charting capabilities.
Our philosophy is to empower you with optimal automation combined with the best trading setups. Automation with control and discretion is what it’s all about.
See below for more details!
As per last week, I believe the upward retracement still has legs, but as you’ll see from my Dashboard analysis, I think it will be a short term phenomenon lasting not more than a few more weeks.
OVI participation is still patchy, while certain indicators suggest exhaustion is not far away.
Of course, things may change so we do need to be fluid, and in the meantime trade the prevailing conditions.
In practical terms that means protecting profits very quickly in the context of our EDGE trade plan.
Like last week there are there are nuggets in both directions this week, and as ever, I highly recommend that you focus on OVI setups around Key Levels.
Last week I said the upward retracement still had legs. It did!
And I believe it still has legs into this coming week too, though there is resistance not too far away.
Watch the video for more detail.
The Main Indices:
For the last two weeks I’ve mentioned we’re still in an upward retracement, and that’s still the case.
- Longer Term Market Timer (OVIsi): Red, and will likely stay red or half-red for this coming week.
- Medium Term Swing Timer: Positive
- SPY OVI: Still neutral
The medium term outlook continues to be volatility with a positive bias during this earnings season.
Fast Filters Stock Selection:
Some more big winners made last week from our most obvious OVI setups near Key Levels.
A sub-section of today’s watchlist includes another handful of nuggets:
AGL CECE CRM CZR DD ENPH ETSY FITB FROG FTV HPQ HSIC IMXI LKQ MANH NUE PNC RBLX RCL SHOP VRSN WOLF WWE
The new upgraded ‘ACE’ automated stock picker has been finalized and will be available for the London Stocks Summit.
The VIP Chart upgrade is in process and scheduled for Q1. The Trade Plan directly from the charts will be part of that!
Further large upgrades will be deployed imminently.
For Summit VIP members these include the ACE automated stock selector with a 69% win rate, a new filter for stocks with great value options (useful even if you don’t trade options – I’ll explain exactly why at the Summit!).
Part of the broader charting upgrade will include an integrated news feed, trade plan directly from the charts, a TV channel, alerts, options selections directly from the charts – you’ll start seeing this very soon, with ongoing deployments into Q1.
An improved Market Timer indicator is also looking very good indeed.
As a result of so many upcoming improvements, The WiseTraders Summit on 3rd December and its aftermath is going to be our best ever. It’s at the London Courtyard Marriott Heathrow, and we’ll also be broadcasting live and recording it. I will be unveiling more upgrades and findings, making all of our trading more precise and more efficient.
The Foundation Day gets everyone on the same page regardless of your current experience, and will be held on 26th November, by remote live stream.
Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.